Commodity Intraday Technical Outlook 6 May 2024 - Geojit Financial Services Ltd
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Gold LBMA Spot
Intraday momentum mostly choppy with mild recovery bias for the day.
Silver LBMA Spot
As long as $26 remain hold downside, expect recovery upticks for the day.
Crude Oil NYMEX
Choppy trades remains on the cards. A direct break below $76 would trigger another round of selling pressure.
Gold KG Jun
Support is placed at Rs 70000 which if cleared would extend corrective selloffs. Else, there are chances of recovery upticks.
Silver KG Jul
Inability to move past the support of Rs 79000 there are chances of recovery pullbacks for the day.
Crude Oil May
Stiff support is placed at Rs 6500. Break of which would extend selling pressure.
Natural Gas May
Positive bias likely to extend initially, but there is a stiff resistance is seen at Rs 182.
Copper May
While prices stays above Rs 845 upticks would continue the day.
Nickel May
Expect choppy with thin volume trading in the near future.
Zinc May
While prices stay above Rs 250 intraday outlook remain on the positive side.
Lead May
Prices most likely choppy inside Rs 192.50-190 levels initially.
Aluminium May
A direct drop below Rs 232 would see extension of selling pressure.
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